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Biolase Gains Compliance to Remain on Nasdaq

Reverse split helps stock stay above $1

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Foothill Ranch-based Biolase Inc. (Nasdaq: BIOL) said it has regained compliance with the minimum bid price requirement under the Nasdaq Listing Rule and will continue to be listed on The Nasdaq Capital Market.
Nasdaq last year notified Biolase, a maker of dental lasers, that it wasn’t in compliance because its common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. To regain compliance, the company was required to maintain a minimum closing bid price of $1 or more for at least 10 consecutive trading days, which was met on May 12.
In April, Biolase completed a 1-for-25 reverse stock split that raised it price from 20 cents a share to $5.
Shares today fell 4% to $3.83 and a $23.6 million market cap.
The company on May 12 reported first quarter revenue rose 25% to $10.2 million. Its operating loss narrowed to $4.2 million.

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.

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